Thursday, February 26, 2009

Lord Turner dumps on Gordon Brown

The head of the Financial Services Authority, Lord Turner really put the boot into the Prime Minister earlier today. And Lord Turner has inflicted some serious damage on him. He told MPs that Gordon Brown pressurised the FSA to go easy on financial institutions. This is the FSA which Gordon Brown created when he removed regulatory responsibility from the Bank of England. Lord Turner told us today that the man who destroyed effective regulation of our banks, and allowed the madness which has all but destroyed our economy was Mr Gordon Brown. This is the one devastating fact that the Prime Minister has been desperate to hide from us. Too late now.

Really good discussion on this issue on Newsnight between Paxman, John McFall, Labour chair of the Treasury select committee, and Tory member, Michael Fallon. I'll leave you with two quotes that give you a flavour of it.

McFall on Brown - "If you want him to apologise, you get him in Jermey, and ask him yourself"